El Corte Inglés increases its retail sales by 4.5% in Q3 thanks to fashion

news November 2023 Fashion Network

What: El Corte Inglés experienced a 4.5% growth in retail sales until October.

Why it is important: The increase in retail sales for the fashion sector at El Corte Inglés until October is significant as it contributes to the overall growth of the company and plays a crucial role in driving its operating income during key sales periods like Black Friday and Christmas.

This increase can be attributed to the fashion and food sectors, along with corresponding price increases due to inflation. Without considering the impact of CPI, the sales growth would be 1%. The increase in fashion prices reached 2.2% until October. The textile sector saw a 2% growth in sales compared to the previous year.

In the 2022-2023 fiscal year, El Corte Inglés' turnover increased by 22.5%, with the fashion business being the main driver. The change in temperatures and the arrival of autumn boosted fashion sales in late October.
The upcoming period, including Black Friday and Christmas campaigns, holds significance for the company, as it generates 40% of its operating income during this time.

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